November 6, 2024 Newswires

U-Haul Holding Company Reports Second Quarter Fiscal 2025 Financial Results

U.S. Markets via PUBT

Contact: Sebastien Reyes

Director of Investor Relations U-Haul Holding Company (602) 263-6601 [email protected]

U-HAUL HOLDING COMPANY REPORTS SECOND QUARTER FISCAL 2025 FINANCIAL RESULTS

RENO, Nev. (November 6,2024)-- U-Haul Holding Company (NYSE: UHAL, UHAL.B), parent of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, today reported net earnings available to common shareholders for its second quarter ended September 30, 2024, of $186.8 million, compared with net earnings of $273.5 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $0.96 for the second quarter of fiscal 2025 compared to $1.40 for the same period in fiscal 2024.

For the six-month period ended September 30, 2024, net earnings available to shareholders were $382.2 million compared with net earnings of $530.3 million for the same period last year. Earnings per share for Non-Voting Shares (UHAL.B) were $1.96 for the six-month period of fiscal 2025 compared to $2.71 for the same period in fiscal 2024.

"We are continuing to fine tune our U-Move efforts. Customers remain uncertain and conservative," stated Joe Shoen, Chairman of U-Haul Holding Company. "U-Box is steadily gaining, U-Store is growing, but still at a pace slower than we are adding additional units. We have made some modest gains in repair. We will continue to focus on serving customers in a superior fashion."

Highlights of Second Quarter Fiscal 2025 Results

Self-storagerevenues increased $15.6 million, or 7.5% versus the second quarter of fiscal year 2024.

Same store occupancy decreased 0.8% to 94.1%, revenue per foot increased 1.6%, and the number of locations qualifying for the pool increased by 52.

Total portfolio occupied rooms increased 31,933 or 5.5% compared to September 30, 2023.

During the quarter we added 11 new locations with storage and 0.9 million net rentable square feet (NRSF). One was an acquisition of an existing storage location totaling 49 thousand NRSF and ten were internally developed. These newly developed locations along with expansion projects at existing facilities accounted for the remaining 0.9 million NRSF.

1. We have approximately 16.8 million NRSF in development or pending.
Self-movingequipment rental revenues increased $17.9 million, or 1.7% versus the second quarter of fiscal year 2024 resulting in our second consecutive quarter of year-over-year improvement. Transactions were flat compared to the second quarter of last year while revenue per transaction increased for both our In-Town and One-way markets.
Moving and Storage Other revenue increased $6.8 million or 4.3% versus the second quarter of fiscal 2024 due to growth of our U-Box product offering.
Moving and Storage earnings from operations, before consolidation of the equity in earnings of the insurance subsidiaries, adjusted to remove interest income, decreased $92.5 million compared to the second quarter of fiscal 2024.

Reduced gains from the disposal of retired rental equipment accounted for $29.2 million of the decrease while fleet depreciation expense increased $36.0 million and real estate related depreciation expense increased $7.9 million all compared with the second quarter of fiscal 2024.

1. Fleet maintenance and repair costs declined $5.4 million compared with the second quarter of fiscal 2024.
Moving and Storage earnings before interest, taxes and depreciation (EBITDA), adjusted to remove interest income, decreased $18.1 million compared to the second quarter of fiscal 2024.
Cash and credit availability at the Moving and Storage segment was $1,774.5 million as of September 30, 2024 compared with $1,886.3 million at March 31, 2024.
On August 15, 2024, we declared a cash dividend on our Non-Voting Common Stock of $0.05 per share to holders of record on September 16, 2024. The dividend was paid on September 27, 2024.

Supplemental financial information as of September 30, 2024 is available at investors.uhaul.com under "Investor Kit."

U-Haul Holding Company will hold its investor call for the second quarter of fiscal 2025 on Thursday, November 7, 2024, at 8 a.m. Arizona Time (10 a.m. Eastern). The call will be broadcast live over the Internet at investors.uhaul.com. To hear a simulcast of the call, or a replay, visit investors.uhaul.com.

About U-Haul Holding Company

U-Haul Holding Company is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U- Haul customers and the environment.

About U-Haul

Since 1945, U-Haul has been the No. 1 choice of do-it-yourself movers, with a network of more than 23,000 locations across all 50 states and 10 Canadian provinces. U-Haul Truck Share 24/7 offers secure access to U-Haul trucks every hour of every day through the customer dispatch option on their smartphones and our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to approximately 193,100 trucks, 138,700 trailers and 40,200 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,037,000 rentable storage units and 89.6 million square feet of self-storage space at owned and managed facilities. U-Haul is the largest retailer of propane in the U.S., and continues to be the largest installer of permanent trailer hitches in the automotive aftermarket industry. U-Haul has been recognized repeatedly as a leading "Best for Vets" employer and was recently named one of the 15 Healthiest Workplaces in America.

Certain of the statements made in this press release regarding our business constitute forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of various risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. For a brief discussion of the risks and uncertainties that may affect U-Haul Holding Company's business and future operating results, please refer to our Form 10-Q for the quarter ended September 30, 2024, which is on file with the SEC.

Report on Business Operations

Listed below on a consolidated basis are revenues for our major product lines for the second quarter of fiscal 2025 and 2024.

		Quarter EndedSeptember 30,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	1,087,348	$	1,069,405
Self-storage revenues		224,519		208,890
Self-moving and self-storage product and service sales		87,763		91,571
Property management fees		9,586		9,267
Life insurance premiums		20,488		22,498
Property and casualty insurance premiums		25,767		25,571
Net investment and interest income		37,794		64,738
Other revenue		164,843		157,920
Consolidated revenue	$	1,658,108	$	1,649,860

Listed below are the revenues and earnings from operations at each of our operating segments for the second quarter of fiscal 2025 and 2024.

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
Moving and storage		(In thousands)
	1,573,643	$	1,565,578
Revenues	$
Earnings from operations before equity in earnings of subsidiaries		280,695		401,704
Property and casualty insurance		31,461		31,852
Revenues
Earnings from operations		13,823		15,419
Life insurance		56,157		55,522
Revenues
Earnings from operations		7,690		5,608
Eliminations		(3,153)		(3,092)
Revenues
Earnings from operations before equity in earnings of subsidiaries		(252)		(376)
Consolidated Results		1,658,108		1,649,860
Revenues
Earnings from operations		301,956		422,355

Debt Metrics

Debt Metrics	September				September

(in thousands)(unaudited)	30,	June 30,	March 31,	December 31,	30,
	2024	2024	2024	2023	2023
Real estate secured debt	$2,471,044	$2,497,239	$2,562,620	$2,716,180	$2,771,027
Unsecured debt	1,700,000	1,200,000	1,200,000	1,200,000	1,200,000
Fleet secured debt	2,554,194	2,544,235	2,470,603	2,482,356	2,392,021
Other secured debt	69,264	70,202	70,815	72,869	73,752
Total debt	6,794,502	6,311,676	6,304,038	6,471,405	6,436,800
Moving and Storage cash	$1,279,493	$1,071,779	$1,380,165	$1,736,295	$2,068,790
Moving and Storage assets	17,164,316	16,447,193	16,149,748	16,193,912	16,156,182
Moving and Storage EBITDA (TTM)	1,566,396	1,584,461	1,567,985	1,593,446	1,683,912
Net debt to EBITDA	3.5	3.3	3.1	3.0	2.6
Net debt to total assets	32.1%	31.9%	30.5%	29.2%	27.0%
Percent of debt floating	5.9%	7.7%	7.2%	6.9%	6.3%
Percent of debt fixed	94.1%	92.3%	92.8%	93.1%	93.7%
Percent of debt unsecured	25.0%	19.0%	19.0%	18.5%	18.6%
Unencumbered asset ratio*	3.78x	4.72x	4.43x	4.00x	3.74x

Unencumbered asset value compared to unsecured debt committed, outstanding or not. Unencumbered assets valued at the higher of historical cost or allocated NOI valued at a 10% cap rate, minimum required is 2.0x

The components of depreciation, net of gains on disposals for the second quarter of fiscal 2025 and 2024 are as follows:

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	176,340	$	140,341
Depreciation expense - non rental equipment		23,750		23,392
Depreciation expense - real estate		44,735		37,192
Total depreciation expense	$	244,825	$	200,925
Net gains on disposals of rental equipment		(17,892)	$	(46,928)
Net losses on disposals of non-rental equipment		337		125
Total net gains on disposals equipment	$	(17,555)	$	(46,803)
Depreciation, net of gains on disposals	$	227,270	$	154,122
Net losses on disposals of real estate	$	2,991	$	1,715

The Company owns and manages self-storage facilities. Self-storage revenues reported in the consolidated financial statements represent Company-owned locations only. Self-storage data for our owned locations follows:

Quarter EndedSeptember 30,

2024	(Unaudited)	2023

(In thousands, except occupancy rate)
Unit count as of September 30	758	691
Square footage as of September 30	64,499	58,402
Average monthly number of units occupied	610	578
Average monthly occupancy rate based on unit count	80.9%	84.2%
End of September occupancy rate based on unit count	80.0%	83.5%
Average monthly square footage occupied	53,108	49,931

Listed below on a consolidated basis are revenues for our major product lines for the first six months of fiscal 2025 and 2024.

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands)
Self-moving equipment rentals	$	2,101,680	$	2,068,611
Self-storage revenues		440,256		407,851
Self-moving and self-storage product and service sales		184,354		192,443
Property management fees		19,081		18,444
Life insurance premiums		41,228		45,629
Property and casualty insurance premiums		46,996		45,893
Net investment and interest income		74,919		129,330
Other revenue		298,084		281,967
Consolidated revenue	$	3,206,598	$	3,190,168

Listed below are the revenues and earnings from operations at each of our operating segments for the first six months of fiscal 2025 and 2024.

		Six Months EndedSeptember 30,
		2024		2023
		(Unaudited)
Moving and storage		(In thousands)

Revenues	$	3,042,804	$	3,025,091
Earnings from operations before equity in earnings of subsidiaries		575,753		788,395
Property and casualty insurance
Revenues		59,639		59,691
Earnings from operations		25,306		27,401
Life insurance
Revenues		109,906		111,203
Earnings from operations		7,643		6,964
Eliminations
Revenues		(5,751)		(5,817)
Earnings from operations before equity in earnings of subsidiaries		(504)		(747)
Consolidated Results
Revenues		3,206,598		3,190,168
Earnings from operations		608,198		822,013

The components of depreciation, net of gains on disposals for the first six months of fiscal 2025 and 2024 are as follows:

		Six Months EndedSeptember 30,
		2024		2023
		(Unaudited)
		(In thousands)
Depreciation expense - rental equipment	$	333,868	$	275,533
Depreciation expense - non rental equipment		47,711		45,694
Depreciation expense - real estate		87,559		73,173
Total depreciation expense	$	469,138	$	394,400
Net gains on disposals of rental equipment	$	(25,840)	$	(102,735)
Net losses on disposals of non-rental equipment		517		271
Total net gains on disposals equipment	$	(25,323)	$	(102,464)
Depreciation, net of gains on disposals	$	443,815	$	291,936
Net losses on disposals of real estate	$	6,095	$	2,736

Six Months EndedSeptember 30,

2024	(Unaudited)	2023

(In thousands, except occupancy rate)
Unit count as of September 30	758	691
Square footage as of September 30	64,499	58,402
Average monthly number of units occupied	602	529
Average monthly occupancy rate based on unit count	80.5%	83.5%
End of September occupancy rate based on unit count	80.0%	83.5%
Average monthly square footage occupied	52,412	49,279

Self-Storage Portfolio Summary

As of September 30, 2024 (unaudited)

U-Haul Owned Store Data by State

				Annual
State/		Units	Rentable	Revenue	Occupancy
Province	Stores	Occupied	Square Feet	Per Foot	During Qtr
Texas	95	38,681	4,464,341	$14.70	79.3%
California	88	34,103	3,181,088	$21.12	82.4%
Florida	85	33,813	3,736,937	$18.40	77.6%
Illinois	81	37,392	3,904,707	$15.76	83.9%
Pennsylvania	71	28,216	3,013,510	$17.56	76.1%
New York	66	27,725	2,611,589	$23.18	80.5%
Ohio	60	25,124	2,646,025	$14.93	81.6%
Michigan	57	20,530	2,103,664	$15.58	86.7%
Georgia	51	22,373	2,464,567	$16.26	85.2%
Wisconsin	44	17,109	2,009,358	$13.45	75.3%
Arizona	43	25,431	2,736,698	$15.33	84.2%
North Carolina	37	16,825	1,836,403	$15.27	78.5%
Washington	36	14,019	1,502,356	$16.69	76.8%
Tennessee	36	15,100	1,519,561	$14.84	87.5%
Missouri	35	12,982	1,609,272	$14.42	76.2%
New Jersey	34	16,196	1,512,750	$20.77	83.9%
Ontario	33	11,857	1,211,460	$23.05	76.1%
Indiana	33	10,718	1,174,751	$13.68	82.4%
Massachusetts	31	11,244	997,282	$20.47	87.8%
Alabama	27	7,241	852,224	$13.91	78.7%
Top 20 Totals	1,043	426,679	45,088,542	$16.95	80.9%
All Others	464	180,234	19,486,826	$16.32	81.0%
2Q 2025 Totals	1,507	606,913	64,575,368	$16.76	80.9%
Same Store Pool Held Constant
for Prior Periods
Same Store 2Q25	893	318,885	29,373,505	$17.20	94.1%
Same Store 2Q24	893	322,797	29,340,207	$16.59	94.9%
Same Store 2Q23	893	324,205	29,339,784	$15.42	95.1%
Non-Same Store 2Q25	614	288,028	35,201,862	$16.23	70.0%
Non-Same Store 2Q24	551	255,097	29,206,735	$15.97	73.6%
Non-Same Store 2Q23	494	218,320	24,107,327	$15.20	74.3%
Same Store 2Q25	893	318,885	29,373,505	$17.20	94.1%
Same Store 2Q24	841	280,565	25,949,457	$16.55	95.0%
Same Store 2Q23	753	233,947	21,916,035	$15.18	96.7%
Non Same Store 2Q25	614	288,028	35,201,862	$16.23	70.0%
Non Same Store 2Q24	605	296,627	32,528,552	$16.11	75.9%
Non Same Store 2Q23	636	307,535	31,463,318	$15.48	78.4%

Note: Store Count, Units, and NRSF figures reflect active storage locations for the last month of the reporting quarter. Occupancy % reflects average occupancy during the reporting quarter.

Revenue per foot is average revenue per occupied foot over the trailing twelve months ending September 2024.

Same store includes storage locations with rentable storage inventory for more than three years and have had a capacity change of less than twenty units for any year-over-year period of the reporting month.

The locations have occupancy each month during the last three years and have achieved 80% or greater physical occupancy for the last two years.

Prior year Same Store figures are for locations meeting the Same Store criteria as of the prior year reporting month.

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

		September 30,		March 31,
		2024		2024
		(Unaudited)
ASSETS		(In thousands)

Cash and cash equivalents	$	1,435,639	$	1,534,544
Trade receivables and reinsurance recoverables, net		217,556		215,908
Inventories and parts		157,592		150,940
Prepaid expenses		279,539		246,082
Fixed maturity securities available-for-sale, net, at fair value		2,437,923		2,442,504
Equity securities, at fair value		63,295		66,274
Investments, other		643,893		633,936
Deferred policy acquisition costs, net		121,329		121,224
Other assets		130,071		111,743
Right of use assets - financing, net		208,804		289,305
Right of use assets - operating, net		51,308		53,712
Related party assets		54,288		57,934
Property, plant and equipment, at cost:		5,801,237		5,924,106

Land		1,739,422		1,670,033
Buildings and improvements		8,915,534		8,237,354
Furniture and equipment		1,022,945		1,003,770
Rental trailers and other rental equipment		989,672		936,303
Rental trucks		7,123,968		6,338,324
		19,791,541		18,185,784
Less: Accumulated depreciation		(5,466,227)		(5,051,132)
Total property, plant and equipment, net		14,325,314		13,134,652
Total assets	$	20,126,551	$	19,058,758
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable and accrued expenses	$	896,811	$	783,084
Notes, loans and finance leases payable, net		6,760,781		6,271,362
Operating lease liabilities		52,471		55,032
Policy benefits and losses, claims and loss expenses payable		833,632		849,113
Liabilities from investment contracts		2,497,031		2,411,352
Other policyholders' funds and liabilities		8,045		18,070
Deferred income		54,026		51,175
Deferred income taxes, net		1,504,356		1,447,125
Total liabilities		12,607,153		11,886,313
Common stock		10,497		10,497
Non-voting common stock		176		176
Additional paid-in capital		462,548		462,548
Accumulated other comprehensive loss		(240,831)		(223,216)
Retained earnings		7,964,658		7,600,090
Cost of common stock in treasury, net		(525,653)		(525,653)
Cost of preferred stock in treasury, net		(151,997)		(151,997)
Total stockholders' equity		7,519,398		7,172,445
Total liabilities and stockholders' equity	$	20,126,551	$	19,058,758

U-HAUL HOLDING COMPANY AND CONSOLIDATED SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Quarter Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per
Revenues:		share data)

Self-moving equipment rentals	$	1,087,348	$	1,069,405
Self-storage revenues		224,519		208,890
Self-moving and self-storage products and service sales		87,763		91,571
Property management fees		9,586		9,267
Life insurance premiums		20,488		22,498
Property and casualty insurance premiums		25,767		25,571
Net investment and interest income		37,794		64,738
Other revenue		164,843		157,920
Total revenues		1,658,108		1,649,860
Costs and expenses:
Operating expenses		891,073		835,258
Commission expenses		119,008		111,961
Cost of sales		62,250		66,620
Benefits and losses		44,392		42,553
Amortization of deferred policy acquisition costs		4,439		6,826
Lease expense		4,729		8,450
Depreciation, net of gains on disposals		227,270		154,122
Net losses on real estate		2,991		1,715
Total costs and expenses		1,356,152		1,227,505
Earnings from operations		301,956		422,355
Other components of net periodic benefit costs		(372)		(364)
Other interest income		16,131		-
Interest expense		(71,498)		(63,943)
Pretax earnings		246,217		358,048
Income tax expense		(59,419)		(84,540)
Earnings available to common shareholders	$	186,798	$	273,508
Basic and diluted earnings per share of Common Stock	$	0.91	$	1.36
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	0.96	$	1.40
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

U-HAUL HOLDING COMPANY AND CONSOLIDATED ENTITIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Six Months Ended September 30,
		2024		2023
		(Unaudited)
		(In thousands, except share and per
Revenues:		share data)

Self-moving equipment rentals	$	2,101,680	$	2,068,611
Self-storage revenues		440,256		407,851
Self-moving and self-storage products and service sales		184,354		192,443
Property management fees		19,081		18,444
Life insurance premiums		41,228		45,629
Property and casualty insurance premiums		46,996		45,893
Net investment and interest income		74,919		129,330
Other revenue		298,084		281,967
Total revenues		3,206,598		3,190,168
Costs and expenses:
Operating expenses		1,680,830		1,598,499
Commission expenses		231,579		218,888
Cost of sales		128,264		137,295
Benefits and losses		88,398		87,897
Amortization of deferred policy acquisition costs		9,085		14,871
Lease expense		10,334		16,033
Depreciation, net of gains on disposals		443,815		291,936
Net losses on real estate		6,095		2,736
Total costs and expenses		2,598,400		2,368,155
Earnings from operations		608,198		822,013
Other components of net periodic benefit costs		(744)		(729)
Other interest income		34,366		-
Interest expense		(138,716)		(124,541)
Fees on early extinguishment of debt		(495)		-
Pretax earnings		502,609		696,743
Income tax expense		(120,394)		(166,397)
Earnings available to common shareholders	$	382,215	$	530,346
Basic and diluted earnings per share of Common Stock	$	1.86	$	2.63
Weighted average shares outstanding of Common Stock: Basic and diluted		19,607,788		19,607,788
Basic and diluted earnings per share of Non-Voting Common Stock	$	1.96	$	2.71
Weighted average shares outstanding of Non-Voting Common Stock: Basic and diluted		176,470,092		176,470,092

Attachments

Disclaimer

U-Haul Holding Company published this content on November 06, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 07, 2024 at 02:45:04.930.

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